SABADEL-BBVA | All-out war: Sabadell accuses BBVA before CNMV of non-compliance with takeover law
Banco Sabadell strikes back Hostile takeover of BBVA. According to a document sent this Thursday evening to the regulator, the organization of Catalan origin reported the Basque bank to the National Securities Market Commission for non-compliance with the current law on takeovers. In its complaint, Sabadell states that certain documentation and information provided by BBVA to both analysts and at the press conference “represent incomplete data that could impact the market.” Some legal experts consulted specifically point out that BBVA contacted institutional investors before the takeover was announced as unlawful.
“Today Banco Bilbao Vizcaya Argentaria, SA (BBVA) issued a preliminary announcement of a voluntary public offer to acquire shares of Banco de Sabadell through the transfer of inside information (registration number 2242). The same way, BBVA published a presentation in English about the operation, a press release, and invited analysts and investors to the presentation, which took place at 9:30 am., which subsequently opened a question period. The above-mentioned documentation not included in the announcement, as well as the information presented at the meeting, violate article 32.1 of Royal Decree 1066/2007 of July 27 on the regime of public offers for the acquisition of securities and generally present incomplete data that could affect the market,” says a note sent to the CNMV.
Sabadell, advised by Uriah Menendez, does not consider the battle lost. “The proposal or what BBVA presented this morning is not correct in form. This is not a legal takeover announcement and is causing confusion in the market.”, indicate legitimate sources who insist on the ultimate goal of the bank headed by Josep Oliu: that the CNMV is canceling the proposal.
The rule to which Sabadell applies, in particular Article 32.1 of Royal Decree 1066/2007, states that “after the public announcement of a public acquisition offer (…) the offeror, members of its administrative bodies and management, its controlling shareholders, its advisors, people , with whom he acted in concert, and others who interfered with the operation. “They will refrain from disseminating or publishing by any means any data or information that is not specified in the pre-offer announcement.”.
Banco Sabadell claims to have referred this “circumstance” to the CNMV. so that “the market has full and transparent information and an orderly and correct process is guaranteed”.